Halozyme Therapeutics Inc
HALOAbove valueExpectations · modestHeld by 2 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +37.6%
- Net margin
- 22.7%
- ROE
- 649.2%
- FCF margin
- 46.2%
Valuation · value band
Above fair value
Zero-growth floor
$27
Central IV
$30
Optimistic top
$36
Halozyme Therapeutics Inc (HALO): A conservative value band $27–$36 / sh (zero-growth floor to growth-capped optimistic top); central read about $30. Today’s price sits above that band (price $108 as of 2026-08-21).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 1% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 11.5% · Zero-growth downside $27
Price as of 2026-08-21 · yahoo · DGS10 4.7% @ 2026-08-20.
Method & numbers
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $26.36 – $34.86 · Greenwald zero-growth $36.06 · zero-growth base $36.06
Moat Franchise (moat) · terminal value 12% of present value · owner-earnings yield 3% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$26.52 – $36.06 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 99% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).
Buffett owner-earnings value$28.20 – $33.88 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9.9–11.9% band (9–11% base + 0.9pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 99% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 0.9pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 4.9 years of owner earnings, adding 0.9pp of cost-of-equity risk premium.
Asset floor: Reproduction value = intangible-inclusive net reproduction (tangible net assets + acquired-intangible reset proxy + capitalized R&D), ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a wide moat · competitive-advantage period ≈ 20 years (earnings intact, ROIC stable over history).
Growth value not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.
Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 5% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 4.9 years of owner earnings → +0.9pp cost-of-equity premium → effective 9.9%–11.9%.
Owner-earnings DCF: growth g₁ 1% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 10.12%–12.93% (DGS10 +4.5% to a 12% strict end, each +0.93pp for leverage premium, as of 2026-08-20). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 17.6% a year in owner-earnings for the next few years. Revenue actually grew 36.8% a year.
Below what it has already done.
Roughly, the price needs its historical revenue growth to run about 5 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
2 holders · $36.6M combined · this quarter +0 opened / -0 exited
- Value$36.3MWeight (prev→now)0.1% → 0.1% ▲
- Value$316,915Weight (prev→now)0.0% → 0.0% ▲
SEC 13F · notes
Written summary
Written summary
Halozyme Therapeutics Inc (HALO) is held by 2 of the superinvestors tracked on Compounder, with a combined $36.6M in reported 13F value. The largest position belongs to Ray Dalio, where it makes up 0.1% of the portfolio.
Other notable holders by value include Richard Pzena (0.0% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in HALO, 0 added to existing ones, 1 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Halozyme Therapeutics Inc (HALO) also commonly hold →
- Humana IncHUM2 holders
- Baxter International IncBAX2 holders
- Cvs Health CorpCVS2 holders
- Dollar General CorpDG2 holders
- Metlife IncMET2 holders
- Corebridge Financial IncCRBG2 holders
HALO's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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